The OBS-TAX module works as an independant module within OBS and caters for all the tax processing within OBS.

The solution was conceived in such a manner that only the tax relevant logic is within the module. This allows OBS-TAX to be used with OBS and also with third party modules as a stand-alone OBS module.

The generic part of OBS-TAX is parameter driven and defines the tax types to be applied accordingly. The tax rates to be applied and the tax amounts are automatically calculated.

OBS-TAX currently provides the following functionality:

• German Taxes
  • The management of "Freistellungsaufträge" (exemption orders for capital gains tax), "Töpfe und Merkposten" (share interest pot and the pro memoria tax booking entries) for the capital gains tax
  • Management of "NV-Bescheinigung" (non-assesment certificate)
  • Differentiate the taxation by private and business assets, banks, foreigners and corporations
  • Correct handling of taxes on corporate actions
  • The determination of all required components, especially for funds, from the security master data file (e.g. WM)
  • Real time calculation and taxation of capital gains
  • subsequent tax optimization and withholding
  • Interface to "Taxbox" from Clearstream
  • Automated KEST notification (withholding tax on capital gains) and FSADV reporting
  • Subsequent tax optimisation and compensation
  • Calculation of VAT, especially on the transaction fees in the area of wealth management
  • Creation of the individual tax statement, annual tax statement and the declaration of profits statement
• European Savings Tax Directive
  • Calculation of the EU interest for Switzerland, Austria, Luxembourg and Belgium
  • Information exchange for Germany (ZIV), Luxembourg, Switzerland, Belgium and Netherlands
• US Withholding Tax
  • Double taxation agreement amount calculation for all countries
  • Withholding tax calulation for non-declaration clients
  • Preparation of data for IRS reports 1042 and 1099
• Swiss Taxes
  • Withholding tax
  • Stamp duty
  • Swiss tax declaration
• Luxembourg Taxes
  • Taxes on interest gains
  • Creation of the tax declaration for the client
• Austrian Taxes
  • Calculation of the earnings for retained profits on funds and certificates
  • Calculation of capital gains tax
• UK Taxes
  • Calculation of Stamp Duty and PTML
  • Calculation of Gross Up and Equalisation
  • Tax Voucher/Subsidiary Tax Voucher